IT departments in financial institutions (FIs) are unable to meet many key information demands, due to lack of access to the data or awareness of where it resides. The research, from Oracle, provides key insights into the world of IT within Europe’s FIs that shed new light on the ongoing problem IT departments face every day with legacy systems and integration with the business.
The study, entitled ‘The European Confidence Report’, also reveals that almost a quarter (24%) of financial respondents have lost revenue due to issues with IT systems. The research surveyed the views and opinions of 222 IT professionals and 228 financial services professionals across Europe.
Key findings include:
- Over a third (37%) had issues with IT systems that made the business unable to evaluate investment risk.
- Thirty-eight percent of financial IT departments are asked for market risk information on a daily basis, yet only 17% of those asked reported a demand for the information believe it is 100% accurate.
- Legacy systems are a huge problem for financial institutions due to the complexity of integration and the need for future proofing. Four in five said that legacy systems are a barrier to system improvements.
- Half of all respondents admitted to having to reach out to multiple sources/departments/contacts to get the required data to achieve corporate compliance.
Nazif Mohammed, vice president Europe, Middle East and Africa (EMEA), Oracle Financial Services, said: “The informational needs of financial services institutions have become increasingly complex with new and emerging regulatory requirements. New compliance rules often require cross-functional computations and reporting that cannot be easily supported by existing siloed departmental and legacy infrastructures. A new approach to data sourcing and provisioning is required – one that is unified and begins with a clear understanding of the business use.”
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